Morgan Stanley MS, +0.81% on Thursday said its third-quarter net income rose to $3.7 billion or $1.98 a share, from $2.7 billion, or $1.66 a share, in the year-ago period. Revenue increased to $14.8 billion from $11.7 billion a year ago. Analysts expected the investment bank to earn $1.69 a share on revenue of $13.93 billion. Chairman and CEO James P. Gorman said Morgan Stanley “delivered another very strong quarter, with robust revenues and improved efficiency” with a return on producing a return on average tangible common shareholders’ equity (ROTCE) of 20%, highlighted by its “standout performance” in its investment bank and record net new assets of $135 billion in wealth management. The firm’s investment banking revenue rose about 68% to $2.85 billion from $1.7 billion. Shares of Morgan Stanley rose 1.8% in pre-market trades. The stock is up 43.8% this year, compared to a gain of 16.2% by the S&P 500.
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